China Evergrande sells entire stake in HengTen Network for HK$2.1b

[BENGALURU] China Evergrande Group said on Thursday (Nov 18) its unit will sell its entire share stake in HengTen Network Holdings for HK$2.1 billion (S$365.6 million).

Evergrande, the world's most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than US$300 billion in liabilities, US$19 billion of which are international market bonds.

The property developer's unit entered into an agreement with Allied Resources Investment Holdings to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24 per cent to its closing price on Wednesday (Nov 17).

The company added that 20 per cent of the deal consideration will be payable within 5 business days from the date of the agreement, while the remaining will be completed within 2 months, according to the filing.

REUTERS